Speaking to a life insurance advisor could save you a lot of time and money, but what are the best questions that you need to ask?

We know that buying life insurance can be a little complicated. If you speak to a life insurance expert they can make sure you buy an appropriate policy and will have access to the whole of the market to find you the best deal. However there are some important questions that you need to ask, here are the top 5:

Do I need to buy life insurance?

Not everyone needs life insurance so make sure it is a suitable purchase. Good reasons to buy life cover include wanting to pay off your last debts, paying off a mortgage, to provide an income for any dependents such as a spouse or children.

How much life insurance do I need?

This will depend on your own circumstances and what you want to achieve. It will depend on what the level of debts are that you would want to clear and how many financial dependents you might have such as your spouse and children.

Is the premium guaranteed not to increase?

It is possible to buy life insurance premiums that are guaranteed not to increase, this means that budgeting your life insurance payments is easier. On the flip side the lump sum payment will stay the same so the lump sum payment can be eroded significantly over time by inflation.

What happens if I miss a premium payment?

Premiums have come down significantly over the last ten years so cover should be affordable for most people, however make sure that you know what the implications would be if you were to miss a payment.

How often does the insurance underwriter payout?

There are a number of highly respected life insurance underwriters in the UK such as Legal and General, Fortis (Ageas), Friends Provident, Royal London and Prudential. They will publish the amount of times they pay out on a policy and you can request the statistics from the broker.

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